Refreshed financial inclusion strategy to be launched

An updated version of the current National Strategy for Financial Inclusion (NSFI), which has served as the main guide of the country’s financial inclusion initiatives in the past six years, will be launched in January 2022.

In a special meeting held on Nov 9, 2021, the Financial Inclusion Steering Committee (FISC), the interagency body mandated under Executive Order 208 in 2016 to drive the implementation of the NSFI and chaired by the Bangko Sentral ng Pilipinas (BSP), agreed on the importance of updating the NSFI.

The NSFI was launched on July 1, 2015 to foster public-private coordination and harmonize policies and programs on financial inclusion in the country. Through the concerted efforts of the FISC and other stakeholders, the foundations of an inclusive financial system have already been laid out.

Though much progress has been made since the NSFI’s launch, BSP Governor Benjamin E. Diokno noted that much work remains to be done to make formal financial services accessible to all. The COVID-19 pandemic and the rapid advancement of digital technology are bringing new possibilities as well as challenges in the pursuit of financial inclusion.

“As the landscape has evolved, so must the strategy. This impetus compels us to revisit the original strategy document and ensure that the NSFI remains a responsive framework for driving financial inclusion as a whole-of nation undertaking,” Governor Diokno said.

The updated NSFI will cover a six-year timeframe from 2022 to 2028, with strategies translated into priority initiatives, key performance indicators, and targets. This marks a departure from the current NSFI which provides the guiding principles for promoting financial inclusion but has no timeframe and targets.

The BSP, with assistance from the Asian Development Bank, is currently conducting consultation workshops with stakeholders from various sectors to solicit feedback and inputs on the updated NSFI.